Best of ABI 2012: The Year in Business Bankruptcy

College of Law

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Representing large Chapter 11 debtors, committees, secured lenders, buyers, trustees, trade creditors and landlords in all areas of insolvency and debtor-creditor law. Named to "Washington, D.

Business, Super Lawyers, Thomson Reuters, Named "Norfolk Best Lawyers: The McGuireWoods website provides information of general interest to the public. The website does not offer legal advice about specific situations or problems. You should consult a McGuireWoods lawyer if you have legal issues requiring attention.

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Cole Schotz led PBI and its board through all aspects of the Chapter 11 bankruptcy, as well as through the state regulatory process successfully concluding this transaction.

Susan M. Freeman, Esq.

Critical to the success of that plan is St. Development, LLC, et al. Founded in , Wisp is the leading resort area in Western Maryland with a trail ski slope, mountain roller coaster, 2 championship golf courses, Hotel, rental homes, retail, marina, and 2, acres of master planned land for residential and vacation homes. Cole Schotz effectively represented the Committee to protect the rights of the unsecured creditors while preserving the Debtors' assets and value as a going concern. Similarly, Peak Resorts, Inc.

Current Position

The resort is the largest day trip area in Central New York State, and currently has 31 slopes and trails with a base elevation of 1, feet, and vertical drop of approximately feet. There is also a Mountain Adventure Center with a corporate team building facility.

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Best of ABI 2016: The Year in Consumer Bankruptcy

Law September 23, Westlaw Journal Bankruptcy September 2, Law Journal Newsletters August, Law Journal Newsletters July Law July 26, Law - Bankruptcy Law Newsletter May 13, American Bankruptcy Institute Journal February American Bankruptcy Institute Journal October Law July 19, The Year in Business Bankruptcy.

Law May 14, The payment takes priority over bank and DIP loans and secured bonds. The consumer-electronics chain planned to close some stores and either sell the rest of exit bankruptcy as a leaner, independent operation. But time ran out and the company had to liquidate.

Practices & Industries

Given the short time frame to address store leases, lenders who finance retailers through bankruptcy, concerned with protecting their own collateral, often provide only short-term loans, compounding to the time crunch. According to the Cooley study, preparing and conducting a GOB sale takes at least days in most cases. Senior lenders frequently try to mandate a decision on whether to liquidate or reorganize a debtor in as little as days.

For example, when Ritz Camera filed for bankruptcy on June 22, , the provisions of its debtor-in-possession loan required it to have a stalking horse bidder an initial bidder chosen by the debtor to buy its assets ahead of a possible auction or sale by August 16 55 days later and a sale complete by September 14 84 days later. As a result, most prepetition lenders refuse to provide more postpetition financing than necessary to fund an immediate sale or liquidation process and include stringent demands.

These provisions give lenders certainty that funding lasts for a limited time, perhaps 90 or days, to ensure there is adequate time for retailers to run liquidation or going-out-of-business sales within the day limit. Lenders are simply not willing to bear the risks associated with reorganization for fear that the retailer may lose its store leases before a GOB sale is completed.

The law was designed to reduce corporate and Wall Street fraud by imposing stricter oversight, promoting transparency and more. But an unintended side effect of the law has been increasing difficulty for businesses especially small businesses to obtain capital from community banks and credit unions.

Smaller community banks and credit unions that do remain have become so focused on devoting resources to complying with Dodd-Frank requirements that they have less time and resources to focus on lending to businesses or are reducing the numbers and types of loans they make.

Working Collectively – with No Conflicts of Interest

The law has made it more difficult for financial institutions to lend to high-yield. The law imposes greater transparency of loan-level data, which has created a more stringent lending environment for high-yield companies. Because retailers generally have a light asset bases, the loans are several hundred basis points more expensive. Many banks prefer not to lend because of the high risk and low interest rates. In addition to new bankruptcy legislation, a few other factors have changed the face of retail filings.

Many people do not realize that outside liquidation companies run most going-out-of-business sales. Six of the largest professional liquidators are: Compared with industries that are heavy in fixed assets, retailers typically have asset bases that are heavy in easy-to-sell inventory. This is problematic for a retailer looking to reorganize, because to emerge from bankruptcy, a retailer debtor must pass the best-interest test. For a proposed reorganization plan to be confirmed, it must be in the best interests of its creditors.

The debtor must prove that under a proposed plan the creditor will receive at least as much than if the company liquidated. This is a much harder feat for retailers for which liquidation can be accomplished easily because of their liquid nature and with good returns from industry of players prepared to manage liquidations. The setting of a fixed deadline for the assumption or rejection of commercial real estate leases has significantly affected prospective retail reorganizations.

The American Bankruptcy Institute called on Congress last September to extend the lease-rejection deadline to a full year, however the proposal has not been taken up.

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